GBPUSD FURTHER BULLISH ABOVE 1.3800 LEVEL
The British pound remains increasingly bullish against the U.S dollar, with the pair making a strong recovery back towards the 1.3800 level during the European trading session. Earlier the GBPUSD found daily buying interest around the 1.3755 level, with the pair well-supported by intraday dip buying demand. Going forward, sterling traders now await a key-note speech from Bank of England voting member Michael Saunders, and the release of the Federal Reserve’s Beige Book.
GBPUSD buyers are firmly in control of the pair while price-action trades above the 1.3800 level. Further upside towards the 1.3855 and 1.3890 levels appears possible.
Should price-action on the GBPUSD pair fail to gain traction above the 1.3800 level, sellers will likely push price back towards the 1.3755 and 1.3721 support levels.